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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
The softening on the crude curve backwardation has paused today as oil markets weigh the impact of the two month delay to the OPEC+ production rise, originally planned for October, against the backdrop of ongoing concern for demand growth in China and the US.
- The Dec24-Dec25 spread has fallen to the lowest since May23 with risk of a switch to a market surplus. The spread has however followed the bearish sentiment in the front month futures market down to $1.54/bbl from a recent high of $4.16/bbl on Aug 26.
- The prompt is seeing more support from tighter supplies due to the recent Libya outages and Kazakhstan maintenance and with another draw in US crude stocks this week.
- The prompt Brent spread has however still pulled back to levels seen in early August from as high as $0.97/bbl on Aug 29 to $0.37/bbl today.
- Technical analysis shows first Brent Nov24 contract support at the Sept 4 low of $72.35/bbl and WTI Oct24 contract support at $68.75/bbl.
- Brent NOV 24 up 0.6% at 73.1$/bbl
- WTI OCT 24 up 0.5% at 69.52$/bbl
- WTI-Brent down 0.08$/bbl at -4.22$/bbl
- Brent NOV 24-DEC 24 up 0.03$/bbl at 0.39$/bbl
- Brent DEC 24-DEC 25 up 0.12$/bbl at 1.53$/bbl
- WTI OCT 24-NOV 24 down 0.01$/bbl at 0.64$/bbl
- WTI DEC 24-DEC 25 up 0.13$/bbl at 1.76$/bbl
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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